Is Your Income High Enough to Owe Two Extra Taxes?
High-income taxpayers face two special taxes — a 3.8% net investment income tax (NIIT) and a 0.9% additional Medicare tax on wage and self-employment […]
Home Sweet Home: Do You Qualify for Office Deductions?
If you’re a business owner working from home or an entrepreneur with a home-based side gig, you may qualify for valuable home office deductions.
An “Innocent Spouse” May Be Able to Escape Tax Liability
When a married couple files a joint tax return, each spouse is “jointly and severally” liable for the full amount of tax on the […]
Estimated Tax Payments: Who Owed Them and When is the Next One Due?
If you don’t have enough federal tax withheld from your paychecks and other payments, you may have to make estimated tax payments. This is the case if […]
Inflation Reduction Act Provisions of Interest to Individuals
You may have heard that the Inflation Reduction Act (IRA) was signed into law recently. While experts have varying opinions about whether it will reduce inflation in […]
Is Your Income Tax Withholding Adequate?
When you filed your federal tax return this year, were you surprised to find you owed money? You might want to change your withholding so that this […]
IRS Provides Simplified Method for Extending Portability Election
The IRS has released a procedure (Rev Proc […]
How to Avoid the Early Withdrawal Tax Penalty on IRA Distributions
When you take withdrawals from your traditional IRA, you probably know that they’re taxable. But there may be a penalty tax on early withdrawals depending on how […]
Does the Kiddie Tax Affect Your Family?
Many people wonder how they can save taxes by transferring assets into their children’s names. This tax strategy is called income shifting. It seeks to take income out of […]
